Oil barrel prices to average $15 higher in 2010

oil barrels

The average oil price for 2010 will be $78.35 a barrel for WTI and $75.90 for Brent, according to a survey of eleven analysts conducted by Energy Risk last month.

Price forecasts for 2010 are 25% higher than the average 2009 price of $60.69, based on expectations of a steady recovery in the global economy, a weak US dollar and strong demand from Asia.

Some analysts are expecting prices to hit $100/bbl by the latter part of 2010, while the most bearish forecasts predict $55/bbl. Looking ahead to